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Florida State GAC concludes with Capitol visits and regulators

Rep. Mia Jones meets with credit unions at the State GAC

The second and final day of the Florida State GAC ended with credit unions making visits to their lawmakers' offices. The credit unions spent the afternoon talking about the public deposits bill that is sitting in the House Economic Affairs committee and the unique ways that they are helping the underserved in their communities. Jacksonville area credit unions met with their members of the House and Senate and were able to talk about the new Bank On initiative to reach those without a bank account. Rep. Mia Jones (D-Jacksonville) said she was glad to see credit unions being a part of this initiative. Credit unions also told their lawmakers that they are trying to lend to those needing loans and that it's helpful for legislators to know that credit unions have not turned off access to credit.

NCUA Region III Director Herb Yolles talks to credit unions as OFR Director Linda Charity looks on

The day began with a Regulatory Roundtable with NCUA Region III Director Herb Yolles along with Linda Charity and Bruce Ricca from OFR. Yolles reiterated that he's talking to his examiners about communicating better and that credit unions can push back if they feel that they have questions after getting the results. Yolles said credit unions have the right to question the results, especially if they don't understand what the examiner is suggesting. He also said the NCUA is concerned with interest rate risk and third party vendors.

Charity and Ricca said that they would like state examiners to have more contact with credit unions and build relationships. Ricca said that anything an examiner tells a credit union they need to improve on is meant with the best intentions. OFR also reiterated that communications is key during the exam. OFR is also concerned about interest rate risk, as well as balance sheet diversification and the future directors for the institutions. Where they will come from and the knowledge base they will have on how to set the course for credit unions.

The Regulatory Roundtable provided many questions and answers. It gave credit unions a rare opportunity to be in front of their state and federal regulators in one room.